Yuan Jumps to Fifth Most Traded Currency as China Opens Markets
- Yuan rose from eighth place; makes up one side of 7% of trades
- Dollar, euro, yen and pound maintained top four positions
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The yuan leaped over the Australian, Canadian and Swiss currencies to become the fifth most traded currency in the world, according to the Bank for International Settlements’ Triennial Central Bank Survey.
The Chinese currency was involved in 7% of all trades in 2022, compared with 4% three years ago, Basel-based BIS said in a report on Thursday. Meanwhile, total daily trades rose 14% to $7.5 trillion.